December 1, 2016 / 2:41 PM / a year ago

Egypt's CIB sells 72 pct of CI Capital to Egyptian and Gulf investors -statement

CAIRO, Dec 1 (Reuters) - Egypt’s largest listed bank CIB said on Thursday it signed an agreement to sell 71.94 percent of its stake in its investment banking arm CI Capital to a group of non-related Egyptian and Gulf investors.

“It is noteworthy that CIB plans on maintaining a minority stake in CI Capital Holding and will continue to provide its support to the company during the foreseeable future,” Commercial International Bank said in a statement.

The transaction is expected to be finalised once all necessary regulatory approvals were obtained, the bank said. (Reporting by Asma Alsharif; Writing by Ahmed Aboulenein; Editing by Amina Ismail)

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